Mahindra & Mahindra will launch new products and will expand the dealer network
Chirag Batavia • 13 December 2021
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Mahindra & Mahindra (M&M)
- In tractor segment, the company will launch new products and will expand the dealer network in order to further consolidate its market share. Overall, the company remains optimistic about medium-term growth prospects led by (1) strong product pipelines, (2) scale-up in exports and farm implement revenues and (3) channel expansion.
- With successful launches in the utility vehicle (UV) segment, we expect strong recovery in automotive segment volumes once the chip shortage situation resolves. The company intends to launch differentiated and profitable products. The company intends to launch 13 new products by CY27E.
- In the light commercial vehicle (LCV) business, the company will launch 17 new products by CY26E to strengthen its leadership position.
- The company has been successful in turning around international farm and auto subsidiaries in challenging times, which is impressive.
- Over the next two-three years, the company will provide electric vehicle (EV) offerings from its current sports utility vehicle (SUV) portfolio with the help of relevant partnerships and its research arm.
- Maintain BUY rating on attractive valuations; our fair value is based on sum-of-the-parts valuation.
Note: The above is a brief note on the company, based on the inputs of KIE research report dated 9th November 2021, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Disclaimer: http://bit.ly/2n5AxIE
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Lakshit Financial Authorized Person of Kotak Securities Limited in cash segments of BSE & NSE and NSE F&O segments with NSE. Lakshit Financial registration number: BSE CASH AP0106730124228 | NSE CASH AP029177621 | NSE F&O AP029177621.Registered Office: Lakshit Financial, ASM 7, Ashwin Sector, Mumbai Agra Highway, CIDCO, Nasik 422009, Maharashtra, India. Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97.
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Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
